Dutch staffing firm Brunel International (BRNL: NL) reported revenue for the first quarter ending 31 March 2016 of €238.4 million, a decrease of 29% compared with the same period last year. 

“We continue to perform strongly in the growing secondment market in The Netherlands and are happy to see growth in all business lines,” Jan Arie van Barneveld, CEO of Brunel International N.V., said. “The future looks bright in our home market. We also see the German organisation developing nicely and this will definitely result in stronger growth. Since the Oil & Gas market is currently so unpredictable we continue to right size the organisation in order to operate as efficient as possible; and we also continue to see market opportunities both in the long and short term.”

Brunel International operates two primary divisions; Brunel Oil & Gas and Brunel Europe.

The company states that the adverse developments in the Energy division continued in Q1 2016. Brunel has seen further project delays and cancellations, rate reductions and reduced workload. As a result, revenue and profitability fell significantly in Q1 year on year.

Revenue for Brunel Oil & Gas totalled to 128.8 million, a decrease of 44% (42% on Constant Currency) compared to 231.6 million with the same period last year.

Brunel Europe consists of operations in Germany, the Netherlands, Belgium, the Czech Republic, Switzerland, and Austria. Revenue in Europe continued to grow year on year, both in the Netherlands and in Germany. Revenue in the Netherlands increased compared to the previous year by 14%. The business lines IT, Marketing and Legal showed strong growth, while Engineering and Finance showed limited growth. An increased headcount and lower bench, largely offset by one less working day and unusual high illness, resulted in 2% growth in Germany.

Brunel only breaks out data for its two largest regions, Germany and the Netherlands, with revenue split as follows:

Brunel states that given the current market circumstances in the Energy division, it remains difficult to provide an outlook for the rest of the year. The growth in the Netherlands will continue strongly, while growth in Germany is expected to accelerate.

In trading today, Brunel traded at €17.85, down 4.47% and 11.02 % below its 52-week high of €20.06, set on 29 April 2016. Based on its current share price, the company has a market value of €951.40 million.